Personal Loan For Pensioners
Personal Loan is readily available and has certain requirements to be met, and AGE is one of them. It is clear that after 60 years, the salary of an individual is diminished, and thus the potential to repay is also reduced. Each lender is worried about the repayments and most lenders do not lend a personal loan to senior citizens with this fact in mind. This does not mean, however, that it is the end of the road, as there are some banks like Syndicate bank offering Syndicate bank personal loan.
1. Personal Loan for Pensioners/Senior Citizens
The State Bank of India provides senior citizens who are retiring from central or state government with personal loans. On this loan, the Processing fees are very modest. Even in the case of family pensions, a loan is given. A retired person will be given This loan before the age of 76.
Eligibility:
The pensioner need not be over 76 years of age and be working by the federal government or any state government. The pensioner should have his or her SBI pension plan.
Loan Number: The amount of the starting loan is INR. 25,000 and the maximum sum went up to 18 times the pensioner's annual pension. There is nevertheless a certain cap.
2. Personal Loan for Pensioners from the Central Bank of India
Eligibility:
Pensioners who earn their pension from the Central Bank of India are liable for a personal loan towards their pension. Pensioners who earn a pension as a family pension are also liable for this program.
Sum of Debt:
For a pensioner who is under 75 years of age, the cost of the loan can be 18 times their monthly pension, but up to a maximum amount of INR. Five lakhs.
For a pensioner over 75 years of age, he/she can receive a loan against his/her pension, which may be 12 times his/her monthly pension, but up to a maximum sum of INR. 2 lakh.
3. Punjab National Bank Pensioners' Personal Loan Scheme
PNB recognizes that requirements will come at any age and thus seeks to provide financial support to the public receiving pensioners to fulfill their personal needs along with medical expenses.
Eligibility:
All pensioners who obtain their pension from every GNP branch are liable for this Personal Loan Program.
Loan Sum: The minimum amount that can be used for this loan is INR. It's 25.000.
The maximum sum of loan: For pensions up to the age of 70 years, the full value of the debt shall be INR. 10,000,000 or it will be up to 18 times the pensioner's net monthly pension and 20 times the monthly pension for Defense pensioners.
4. BoI Star Pensioner's Loan Program
Eligibility:
This program gives personal loans to regular pensioners, including family pensioners, who are earning their pensions from BoI branches.
Forms of loans offered under this scheme – Demand Loan/Term Loan/Overdraft (reducible according to the repayment schedule)/Overdraft
Loan Amount:
For pensioners who are not older than 75 years of age, the maximum value of the loan is up to 15 times the maximum net monthly pension of INR 5 lakhs. If the pensioner earns a pension in the BOI account and the PPO is retained by the DPDO or the treasury, they are liable for a loan up to 15 years but that has a limited value of INR. 3 lakh for an average pensioner and an INR. 1.5 crore for a family pension.
5. Allahabad Bank Personal Loan for Pensioners
Allahabad Bank provides personal loans to all employees of the state government and central government who are unemployed and whose monthly salaries are funded to branches of Allahabad Bank.
Eligibility:
The retiree should not be over 73 years of age and the debt should be repaid before the retiree turns 75.
Loan Amount:
INR 25,000 is the minimum loan.
However, a pensioner can avail a sum which is equal to 10 times of their monthly pension.
Under this program, pensioners who are up to 65 years old will obtain a loan of up to INR 2 lakhs.
Under this program, pensioners above 65 years of age will obtain a loan of up to INR 1 lakh.
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